Insurance News Archive


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WCI Briefs: 7.29.16

07.29.2016

To save you time, here’s a sampling of workers' compensation and insurance news, each in 450 words or less.

Reno, Nev., is hosting 37 mine rescue teams from 18 states this week for the 2016 Metal and Nonmetal National Mine Rescue Contest sponsored by the U.S Department of Labor’s Mine Safety and Health Administration and the Nevada Mining Association. msha

The Wisconsin state Commissioner of Insurance has approved a 3.19 percent rate reduction for worker'...
07.29.2016

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S&P: P&C Industry Will Struggle in 2016

07.28.2016

A new S&P Global Market Intelligence has bad news for the property & casualty industry.

According to a report issued this week, the P&C “industry will struggle in 2016 to sustain the historically favorable underwriting results that it has generated for three consecutive years as a result of elevated losses in private-passenger auto business, higher catastrophe losses and pricing pressure in several commercial lines of business.”

Regarding specific lines, the report says, “The outlook anticipates that the 93.9 percent combined ratio in the workers' compensation line in 2015, which marked the first sub-100 percent result in that business since 2006, will not be replicated and that historically favorable results of the past three years in commercial multiperil and the fire and allied lines will begin to normalize over time.”

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Brexit and Its Impact on U.S. Workers’ Compensation

07.27.2016

On June 23, 2016, United Kingdom voters participated in a referendum on Brexit: “Should the United Kingdom remain a member of the European Union or leave the European Union?”

The debates were vocal, and the outcome uncertain. However, on referendum day, about 52 percent of Britons voted to leave the European Union, the UK’s major trading partner.

The EU accounted for 45 percent of the UK’s exports and more than 3 million export-linked jobs...
07.27.2016

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NAIC Releases 2015 Insurance Department Resources Report, Volume 2

07.26.2016

The National Association of Insurance Commissioners (NAIC) has released the second volume of the 29th edition of the Insurance Department Resources Report (IDRR). The report is intended to help state insurance departments assess their resources in comparison to other states. It details how state insurance departments manage available resources to effectively regulate a complex and competitive industry.

The first volume, published in June, included data on staffing, budgeting and examination information. The second volume includes admitted premium...
07.26.2016

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NCCI Redesigns State Insight Tool

07.22.2016

The National Council on Compensation Insurance (NCCI) has launched a redesigned State Insight tool available to its carrier and regulator customers. The new State Insight is intuitive and interactive, and provides state-specific workers compensation results at a glance—with additional details just a click away.

State Insight offers three ways customers can interact with the data:

Interactive Map: They can choose from a drop-down selection to compare key data across states. This includes Direct Written...
07.22.2016

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WCI Briefs: 7.21.16

07.21.2016

To save you time, here’s a sampling of workers' compensation and insurance news, each in 300 words or less.

Trulieve, a grower and dispensary based in Tallahassee, Fla., has received permission from the Department of Health to start selling a strain of the drug low in THC, the chemical that causes a euphoric high. The Florida Legislature in 2014 legalized that variety of cannabis as a medical option for children with severe epilepsy and cancer. tampa bay...
07.21.2016

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David DePaolo, Founder of WorkCompCentral, Dies at 56

07.18.2016

David DePaolo, founder, president and chief executive officer of WorkCompCentral, died on Sunday. He was 56.

DePaolo was riding his motorcycle—a Honda 250 that he had nicknamed "The Sewing Machine"—in the Santa Monica Mountains near Malibu Hills, California on Sunday afternoon. He veered right into shoulder of Yerba Buena Road, hitting a dirt embankment shortly after 4 p.m., according to a report in the Ventura County Star.

The cause of the accident and...
07.18.2016

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2016 Q1 Results

07.18.2016

By ROBERT HARTWIG, STEVEN N. WEISBART

For the first quarter of 2016, we have good news and bad news. The good news: the property/casualty insurance industry was profitable and growing in the first quarter of 2016. The bad news is that it was less profitable and growing more slowly in 2016:Q1 than in 2015:Q1.

In the six years since the end of the Great Recession (2010-2015), the first-quarter benchmark for profitability in the property/casualty insurance industry is...
07.18.2016

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Sean Kevelighan to Head I.I.I.

07.15.2016

The Insurance Information Institute (I.I.I.) has named Sean Kevelighan president and CEO, effective Aug. 8, 2016. Kevelighan brings with him over 18 years of public affairs, communications and media relations experience, including leadership roles in the global property/casualty (P/C) insurance industry.

“Over nearly two decades, Sean has attained impressive accomplishments in public affairs and communications as well as a deep technical knowledge of insurance issues,” said Bruce Kelley, president and chief executive officer of...
07.15.2016

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WCI Briefs: 7.14.16

07.14.2016

To save you time, here’s a sampling of workers' compensation and insurance news, each in 400 words or less.

OSHA is delaying enforcement of the anti-retaliation provisions in its new injury and illness tracking rule to conduct additional outreach and provide educational materials and guidance for employers. Originally scheduled to begin Aug. 10, 2016, enforcement will now begin Nov. 1, 2016. osha

The California Division of Workers’ Compensation is now accepting applications for the Qualified Medical Evaluator...
07.14.2016

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NCCI Announces New Chief Regulatory Services Officer

07.13.2016

Bill Donnell, National Council on Compensation Insurance (NCCI) CEO and president, has selected Susan Donegan as the new Chief Regulatory Services Officer, effective Sept. 19, 2016.   Donegan will succeed Helen Westervelt, who announced her retirement earlier this year. Westervelt will remain at NCCI through the end of September to ensure a smooth transition.   Donegan recently served as the Commissioner at the Vermont Department of Financial Regulation, the state agency that supervises the insurance, captive insurance, banking and securities sectors...
07.13.2016

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Who’s Working?

07.11.2016

The 2016 Mid-Year U.S. Insurance Labor Outlook Study, conducted by The Jacobson Group and Ward Group, a part of Aon Hewitt, a business unit of Aon plc, will begin July 13 and close July 29, 2016. This survey offers valuable labor insights and has become a predictor of the industry’s staffing outlook.

The insurance industry has entered an era of change and evolution. "This is the most competitive recruiting environment the industry has seen,” says Gregory P....
07.11.2016

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WCI Briefs: 7.8.16

07.08.2016

To save you time, here’s a sampling of workers' compensation and insurance news from around the country, each in 300 words or less.

Semi-pro footballer Jason Fitch pleaded guilty on two counts of workers' compensation fraud for collecting benefits from the Oklahoma County Sheriff's Office while he was playing football for the Oklahoma City Bounty Hunters. koco.com

The California Division of Workers’ Compensation has posted an interim status report on its...
07.08.2016

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NCCI Issues Residual Market State Activity Reports

07.07.2016

The National Council on Compensation Insurance has issued the latest statistics on residual market assignments in 2016 over 2015 for those accounts unable to find coverage in the voluntary workers’ compensation insurance market.

Overall, for Second Quarter 2016 vs. Second Quarter 2015:

Number of new assignments is up 7.8 percent New assigned premium is up 1.6 percent​​

YTD 2016 vs. YTD 2015:

Number of new assignments is up 8.5 percent New assigned premium is up 1.1​ percent

These figures will vary from...
07.07.2016

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NCCI Amends Florida Rate Filing

07.01.2016

On April 28, 2016, the Florida Supreme Court issued an opinion in the case of Castellanos vs. Next Door Company, et al., No. SC13-2082, declaring Section 440.34, Florida Statutes, unconstitutional. The anticipated impact of the decision is the elimination of the statutory caps on claimant attorney fees and a return to hourly fees.   On June 9, 2016, the Florida Supreme Court issued its opinion in the case of Bradley Westphal vs. City of St. Petersburg, etc, et al, No. SC13-1930, declaring...
07.01.2016

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How Are We Doing? NCCI Reports on the Economy

07.01.2016

In its latest Quarterly Economics Briefing, the National Council on Compensation Insurance (NCCI) examines the current state of the economy and the implications for workers’ compensation insurance. This edition also looks at the components of payroll growth for NCCI industry groups.   Among the findings: Employment Growth Private employment grew by 2.4 percent in 2015, the strongest increase since the recession. After continuing at a strong pace during the first quarter of this year, growth has slowed in the second...
07.01.2016

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WCI Briefs: 6.30.16

06.30.2016

To save you time, here’s a sampling of workers' compensation and insurance news from around the country, each in 400 words or less.

SUNZ Insurance Co. has launched a new brand identity, new corporate logo, and a re-designed website. The changes are being made in conjunction with a move to  new corporate office space in Bradenton, Fla. businesswire

AIG announced that Michael Lewis will join the companh as chief digital officer on July 5, 2016....
06.30.2016

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Florida Division of Workers’ Compensation Participates in #WCI2016

06.29.2016

The Florida Division of Workers' Compensation, in conjunction with the Workers' Compensation Institute, is pleased to provide the opportunity for attendees to individually meet and speak with Division staff at the 71st Annual Workers' Compensation Educational Conference about regulatory issues that are important to your company. This year we will offer two options for stakeholder assistance—"Ask The Regulator" and "EDI On Demand.”

Ask The Regulator: These one-one-one meetings will help maximize your time at...
06.29.2016

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Genex Announces Case Manager Scholarship Award Recipients

06.28.2016

Genex Services annual Case Manager Scholarship Program, now in its fifth year, has donated more than a half-million dollars in funding to nursing and vocational academic programs at schools across the country. The initiative is designed to assist the institutions that educate and develop future generations of case managers who will be critical to injury and disability management.   Nominations for the awards are made by Genex case managers, supervisors and branch managers, presenting these employees with a unique...
06.28.2016

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IBHS Honored With 2016 IMCA Innovation Torchbearer Award

06.27.2016

The Insurance Institute for Business & Home Safety (IBHS) was presented the 2016 Innovation Torchbearer Award at the Insurance Marketing & Communications Association’s (IMCA) 2016 Annual Conference in Baltimore.

IMCA’s annual Innovation Torchbearer Award recognizes individuals or organizations that have demonstrated innovative ideas or initiatives impacting the insurance industry.

“IMCA selected the Insurance Institute for Business & Home Safety for this prestigious honor as a result of its impactful scientific research to...
06.27.2016

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